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Suncorp, RACV and CGU tops for satisfying customers with household insurance claims

Source: Roy Morgan Single Source (Australia). 12 months ended December 2017, Household Insurance Claims, n= 1,808. Base: Australian 14+ who have made a household insurance claim in the last 12 months. 1. Based on number of claims
New research from Roy Morgan finds 8-in-10 people who’ve made a claim on their household insurance last year are satisfied with how their claim was handled. This is well below the 86.6% satisfaction rating for vehicle insurance claimants. This latest research from Roy Morgan, collected for the first time over the last year, establishes a critical metric for this highly competitive industry.

A number of major insurers managed to show even more positive ratings. Among the eight largest household insurance companies (based on claim numbers), Suncorp had the highest rating with 85.5%. Other companies with above average ratings were RACV with 84.9%, CGU (84.0%) and APIA (82.6%). The largest player, NRMA was close to average with 79.8%, while Allianz (68.0%) and GIO (67.2%) were below.

These new findings are from Roy Morgan’s Single Source survey of over 50,000 consumers per annum, including around 5,500 who have made a general insurance claim.

Satisfaction with Household Insurance Claims - Largest 8 Companies1 

Source: Roy Morgan Single Source (Australia). 12 months ended December 2017, Household Insurance Claims, n= 1,808. Base: Australian 14+ who have made a household insurance claim in the last 12 months. 1. Based on number of claims

In the 12 months to December 2017, 84.6% of general insurance claimants were satisfied with the way that their claims were handled but this was reduced by the fact that satisfaction with household insurance was only 79.9%.

Satisfaction with Vehicle and Household Insurance Claims

Source: Roy Morgan Single Source (Australia). 12 months to December 2017, Vehicle Insurance Claims, n = 3,602, Household Insurance Claims, n=1,808, Total General Insurance Claims, n = 5,510. Base: Australians 14+ who have made a vehicle insurance or household insurance claim in the last 12 months 1. Includes boat and caravan insurance claims

Norman Morris, Industry Communications Director, Roy Morgan says: 

“How general insurance companies handle claims is a critical factor in establishing long term loyalty and trust, as it is the real touch point with members. This research shows that there are major differences in satisfaction levels between companies when it comes to household insurance claimants and that it would be invaluable to learn from the best performers.

“This data is available for all types of insurance and across more than 100 companies, enabling the comprehensive measurement of relative performance between insurance types and brands on this key metric.”

For comments or more information please contact:
Norman Morris, Industry Communications Director
Office: (+61) (03) 9224 5172
Norman.Morris@roymorgan.com


About Roy Morgan

Roy Morgan is the largest independent Australian research company, with offices throughout Australia, as well as in Indonesia, the United States and the United Kingdom. A full service research organisation specialising in omnibus and syndicated data, Roy Morgan has over 70 years’ experience in collecting objective, independent information on consumers.

Margin of Error

The margin of error to be allowed for in any estimate depends mainly on the number of interviews on which it is based. Margin of error gives indications of the likely range within which estimates would be 95% likely to fall, expressed as the number of percentage points above or below the actual estimate. Allowance for design effects (such as stratification and weighting) should be made as appropriate.

Sample Size

Percentage Estimate

40%-60%

25% or 75%

10% or 90%

5% or 95%

5,000

±1.4

±1.2

±0.8

±0.6

7,500

±1.1

±1.0

±0.7

±0.5

10,000

±1.0

±0.9

±0.6

±0.4

20,000

±0.7

±0.6

±0.4

±0.3

50,000

±0.4

±0.4

±0.3

±0.2